Tranching in the Syndicated Loan Market
Abstract
Loan tranching is central to debt markets allowing banks to manage risks and facilitating firm financing. To analyze the determinants of the extent and structure of loan tranching, we assemble a cross-country sample of nearly 100,000 syndicated loans pooling together all tranches of each loan. We find that, in addition to deal and borrower characteristics, legal and institutional differences impact the probability of tranching as well as the...
Paper Details
Title
Tranching in the Syndicated Loan Market
Published Date
Jan 1, 2010
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